(The analysis conducted was predominantly sourced through the Coca-Cola Companies webpage, IBIS World and Datamonitor)
Threat of new entrance- Low
In the soft drink industry the new entrance of competitors is not a strong competitive pressure. Major players, Coca-Cola and Pepsi, dominate with their strong brand name and superior distribution channels (IBIS, 2011). Additionally, the soft-drink industry is mature and new growth is small (IBIS, 2011). This makes it difficult for new entrants to compete against established firms. Furthermore, high fixed cost for warehouses, trucks, labour and economies of scale represent other barriers to entry. New entrances are not able to compete on price without economies of scale (IBIS, 2011). These requirements and market saturation make it difficult for other companies to enter the soft drink industry.
Threats of Substitutes – Very Strong
Substitutes for coca- cola products are energy drinks, bottled water, coffee, and tea (IBIS, 2011). There is an increasing demand for healthier beverages. This trend can be related to a shift in consumption patterns of the generation X (baby boomers). The growing number of water, sport drinks and energy drinks come in different tastes and are generally perceived as healthier than soft drinks (IBIS, 2011). Coffee and tea represent competitive replacements because they provide caffeine as well. Thus, soft drinks can be substituted with coffee and tea. Evidence for this can be seen in the increasing number of coffee and tea franchises such as Gloria Jeans, Starbucks, Easy Way, Chatime, etc. These stores appeal to a wide number of customers through different flavour options and low switching cost (Datamonitor, 2011).
Threats of Suppliers –Medium
Coca –Colas suppliers (see Coca-Cola value cycle appendix) are manufacturers, secondary packaging suppliers and Ingredient suppliers. Previously, the Company outsourced a substantial part of bottling activities and worked with a large number of independent bottling partners. “In February 2010, rival the Coca-Cola Company purchased its own bottlers to cut costs and increase distribution flexibility” (IBIS, 2011). The Company took over the North American bottling operations of Coca-Cola Enterprises (the largest bottler in the world), which distributed 100% of Coke products in Canada and 75% in the United States (The Coca-Cola Company, 2011). Acquisitions by Coca-Cola along the supply chain have also led to dominance over the market and distribution channels which makes there bargaining power less to non-existent (IBIS, 2011). Nevertheless, conflicts with remaining independent bottlers and suppliers can be major threat to the company. Purchases of raw materials and packaging (sweeteners, glass and plastic bottles and cans) are the largest cost item for this industry (IBIS, 2011). The number of suppliers is not short and the raw material they are providing is generally the same. That makes it easy for a company to switch suppliers. Hence, the bargaining power of both, suppliers and manufacturers is less. However, changes in sugar and packaging prices affect the profitability of Coca-Cola’s products.
Bargaining power of Buyers –High
Coca-Colas customers are amongst others supermarkets, convenience stores and restaurants. The bottling partners distribute the beverages to these stores which than sell the product to the consumer. The relationship between Coca-Cola bottling partners and the customers, enable the company to conduct business with the consumers. Hence, the bargaining power of buyers is very evident and strong. The growing market power of large groceries and discount stores (e.g. Costco, Wal-Mart) allows them to buy large volumes for low prices. Furthermore, these supermarkets have their own ‘private brand’ which could potentially capture profits that go otherwise to the manufacturer (IBIS, 2011). Another problem the company is facing is that supermarkets are able to determine the amount of shelf space devoted to particular products (IBIS, 2011).The bargaining power of restaurants is less because they do not order in large volume. The shift in consumer preferences could start increasing customer power. However, consumers (generation X), may have become more health consciousness (e.g. tea, coffee, low calories, zero sugar) but the overall consumption of soft drinks has gained from the frantic pace of life, of generation Y. People are increasingly time poor hence, energy and sport drinks are becoming an important source of substance. Furthermore, changing lifestyles have resulted in the increasing consumption of convenient snacks and take-away meals which results in high soft drink consumption and low bargaining power of customers. Coca – Cola has already adapted this consumer behaviour to gain further growth.
Competitive rivalry – High
The competitive pressure Coca-Cola is facing from its rival sellers is by far the greatest competition in the industry. Coca-Cola, PepsiCo, and Cadbury Schweppes major players in the industry and globally present (IBIS, 2011). Coca-Cola owns four of the top five soft drink brands: Coca-Cola, Diet-Coce, Fanta and Sprite. Costello writes that “when it comes to the soft drink wars, it is still very much a country divided between two familiar colours: Red and blue” (Costello, 2009).
"In the U.S., it's a closer race between Coke and Pepsi,” said Bonnie Herzog, an industry analyst with Smith Barney. “When you look outside the U.S., I think Coke has the lead."
In 2011 Interbrand published the ranking of the top 100 brands for 2011. Coca-Cola ranked 1st and Pepsi ranked 22nd.
3.3 Coca-Colas current strategy
Johnson and Scholes (1998, p. 47) describing ‘Strategy is the direction and scope of an organisation over the long-term: which achieves advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfil stakeholder expectations.’ Coca-Colas strategic objective is to drive sustainable growth by meeting short-term commitments while investing to meet long term goals.
To achieve long-term growth the company has a clear vision and goals. “We are building on our fundamental strengths in marketing and innovation, driving increased efficiency and effectiveness in interactions with our system and generating new energy through core brands that focus on health and wellness” (The Coca-Cola Company, 2011). (See appendix 1 for the Coca-Cola System)
3.4 Coca Cola value chain
Coca-Cola is a multinational company which focuses on broad product lines with many flavoured drinks (Porter 2004, p. 16). The company produces the concentrate and beverage bases for the drinks, develops marketing and advertising. Both, Coca-Cola system and the Coca-Cola value cycle which can be found in the appendixes 1 and 2, visualize the strong relationship between the company and its suppliers, bottling partners and customers. The analysis of Coca Cola value chain shows that the company concentrates more on the primary than on seconrady activities. Among those primary activities there are three parts of value chain which are directly responsible for competitive advantages of Coca Cola. These activities are:
Inbound Logistics
Coca Cola continuously develops its quality management methods. The company puts a special attention to the qulity of raw materials and secelt its suppliers according to strict quality rewuirements (Coca Cola, 2011).
Outbound Logistics
The distribution system that Coca Cola has can be considered strong competitive advantages. Coca Cola operates in over 800 plants worldwide and its beverage products reach consumers in more than 200 different geographic locations (Coca Cola, 2011). However, Coca Cola is only responsible for producing the syrup that is going to be used in the end product. The activities of finishing the syrup into the final product are a responsibility of the bottlers. The fact that Coca Cola outsource some of the operations is an important advantage in its distribution, since it creates more lighter and flexibler company.
Marketing and Sales
This sector is so important for the company that Coca Cola invests about 14% of its profits in communications. The Coca Cola also continuously try to build a deep relationship with the consumers. Althouht there are only two other competitors, Coca Cola strongly focus on creation of creative marketing campains.
5.0 Chosen aspects of management
This section analyses four management areas which influence organisational responsiveness to market factors and opportunities for innovation.
5.1 Quality Management
Coca Cola ensures the quality of its product through The Coca Cola Quality System (TCCQS). This system is an integrated approach to managing quality, environment, health and safety. According to Coca Cola, the TCCQS should help the company coordinate and guide activities which ensure the quality in everything Coca Cola does (Coca Cola 2011).
TCCQS is a quality management concept heavily driven by the total quality management (TQM) approach. TQM is a management philosophy and strategy designed to involve all members of an organisation in the process and responsibility for product/service quality (Andersson 2006, p. 282).
5.1.1 Current and future opportunities in quality management
TCCQ continuously keeps pace with the new regulations and quality management methods (Coca Cola 2011). With the last version of TCCQ (Evolution 3) Coca Cola has tried to develop and implement methods which increase the quality of the product as well the quality of business practice within the organisation. Coca Cola identified the quality issues and then created the quality framework. Coca Cola also has adopted the process approach when developing, implementing and improving the effectiveness of the quality management system. This approach offers ongoing control of individual processes as well as their combination and interaction (see Figur 2). As a result, the company wants to be able to meet customer and consumer requirements and increase their satisfaction.
With the TQCC Coca Cola recognised the following opportunities which are important to strengthen its market position:
Everyone who works for Coca Cola is empowered and expected to maintain the highest standards of quality product, process and relationship. The company launched its ongoing quality effort with a massive top-down training effort, in which all workers learned about the tools of continuous quality improvement (Caudron 1993, p. 48).
Coca Cola guarantees that all food safety and environmental standards and requirements are fulfilled. According to SGS-ICS ( - International Certification Serices) and LRQA (Lloyd's Register Quality Assurance) with the TQCC Coca Cola meets the requirements of ISO 9001 (quality standards), ISO 14001 (environmental standards) and OHSAS 18001 (health and safety standards). In addition, in January 2004 the company established exclusive TCCQS certification. This means that since that time the company only has to audit itself against the TCCQ Evolution 3. Certification to TCCQ enables Coca Cola to attain a host of external certification like ISO 9001 or ISO 14001. Coca Cola can also save audit costs, minimise the operational disruptions and realise myriad benefits (Coca Cola 2011).
Coca Cola has established a high quality and safety standards throughout the whole supply chain in order to ensure effective consistency of materials and products. Coca Cola defines criteria and procedures for selection and authorisation of suppliers based on their ability to supply materials and products according to Coca Cola requirements. Coca Cola performs precise analyses of fruit juices and other ingredients from suppliers to ensure the product quality. Also production processes undergo constant scrutiny to safeguard the quality of water used in the products and the packaging that carries them to the consumers (Dinesh 2007, p. 25).
Each organisational unit also needs to implement a documentation procedure to ensure that material, product and services effectively conform to all Coca Cola requirements.
A part of TCCQ contributes to alleviating some social problems in countries the company operates. One of the company’s quality statements is ‘Coca Cola is a responsible citizen of the world’. Coca-Cola India, for example, received a Golden Peacock Global Award for Corporate Social Responsibility for replenishing ground water and setting a target to reach a ‘net zero’ balance with respect to groundwater usage in 2009 (Coca Cola 2011).
5.1.2 Current and future threats in quality management
One of Coca Cola’s quality threats can be its wide network of Coca Cola bottlers. The Coca Cola Company distributes syrups and concentrates which are the basis for creating its product. The manufacturers produce the product from these bases. Such a widespread network of producers requires a massive control. The case of the Nigerian Bottling Company in December 2007 shows that not all producers always complay with the good manufacturing practices established by Coca Cola (Srivastava 2007). In that case some major deficits, which had already been criticized in prior visits, still existed. The case of the Belgian Coca Cola crisis shows that even higher developed countries can be affected by major quality issues. ‘‘Off-quality’’ carbon dioxide affected the taste and odor of some bottled drinks. Several people got ill and Coca Cola had to temporarily shut down their plants (Johnson 1999, p. 18). Any quality problems within the supply chain may also in the future be a threat to Coca Cola’s quality, since the company wants to expand in countries where there is lower quality awareness.
Coca Cola production requires a lot of water. The bad water quality in development countries, like China where Coca Cola is expanding, can negatively influence the product quality and is therefore a future threat for the company.
5.1.3 Overall feasibility of opportunity and recommendations
With TCCQ Coca Cola has developed an excellent quality system, which it uses worldwide and integrates methods for improvement of quality, safety and health. Coca Cola should continue developing and using the TCCQ methods in the future.
The company also has to continue the workers’ training in order to empower all employees to maintain the highest quality standards. However, it is important to create employee training according to the current quality needs. All training should provide useful information. The case at Coca-Cola in the USA shows that training programs at Cola sometimes fail. In Atlanta, for example, 1,300 workers learned about the tools of continuous quality improvement. Covered were such techniques as problem solving, statistical-process control and process management. Three years later, the majority of employees had forgotten the tools they had learned because they had never had an opportunity to use those tools (Caudron 1993, p. 48). Therefore Coca Cola should provide trainings appropriate to individual needs and encourage employees to continuous quality improvement in their workplace.
In order to guarantee high quality and safety standards throughout the whole supply chain, Coca Cola should carefully choose its suppliers and bottlers, especially in developing countries. Coca Cola should also regularly audit all the organisational units’ compliance with the quality standards.
According to Fust (2007) corporate sustainability is the next TQM and companies should begin to embrace sustainability as an opportunity to gain competitive advantage (Fust 2007. p. 6). Coca Cola as a ‘responsible citizen of the world’ should also create sustainability programmes in order to generate management benefits and long-term success. Since Coca Cola uses 4% of the world's sugar, one of the sustainability programmes could be a partnership with farmers and the sugar industry in developing countries. The goal would be to help farmers to run their operations, to improve production methods and reduce water use. Coca Cola should also implement non-profit environmental partnerships with organisations which work on improvement of water quality in developing countries.
5.2 Strategic management
Strategy is an action plan for developing core competences to reach long-term goals and gain competitive advantages. “Strategic management is a process of identifying, evaluating and implementing strategies in order to meet the organisational objectives” (Jeffs 2008, p 13).
5.2.1 Corporate Strategy Structure
The Coca-Cola Company is currently creating a new company structure in order to support its productivity. The new structure will integrate three core functions: Global Business Services, Global Information Technology and Transformational Productivity. The new structure will enable the Company to deliver global business services that are highly dependent on technology and standardized processes - to its business units in a more effective and efficient way (Coca-Cola, 2011).
5.2.2 Current & Future Opportunities/Threats
In each country, management is tasked with achieving the corporate goals of the organisation. As outlined in the value chain initiatives, these cover the three core goals of brand building, securing long term market share of those brands and integrating supply chain mechanisms to reduce cost.
As a current example: Coca-Cola Amilti has launched a personalised marketing campaign linked to e-commerce to have a friend or family members name printed on the side of specific coke brand bottles. Customers are encouraged to sign up online for this offering and prizes are included Coca Cola 2011).
As a global organisation, Coca Cola is faced with enormous social and economic change like GFC. In addition, the company needs to aware of possible economic, political and other problems in developing countries where it is expanding at the moment.
However, a stabilisation strategy to maintain market share may be preferred given the constraints facing the firm at this time. As the table below depicts, economic, political, environmental factors (Samson & Daft, 2003, p.279), Porter’s forces are affecting the shape of the firm’s competitive position in world markets.
At the business level, strategy should focus on alignment with corporate goals. Savings in supply chain cost, value adding activities (McShane & Von Glinow, 2003, p101) that improve employee performance and market penetration are all critical activities that maintain competitive position.
The functional level, strategies that keep the cycle processors going efficiently between nodes and links by employees (and contractors) need to be aligned up the strategic path to reduce uncertainty and simplify the system.
A threat for the company is also its inability to restrict certain age from using their product. Young children who might acquire health problems from taking their products are not restricted.
The table above displays some current and future constraints and opportunities that strategic management will have to plan for in order to maintain the organisations competitive position in the soft drink market.
5.2.3 Recommendations
Massive social, economic and political forces are reshaping the traditional spheres of power, influence and wealth around the world. For an organisation like Coca Cola, these competitive forces as defined by Porter are reshaping the competitive landscape that requires careful strategic planning by Coca Cola. Some strategic management recommendations are:
Developing countries are centres of growth & wealth for new market share.
Alignment to a new economic paradigm (Asian as the centre of world economic power) requires strategic shift in resources to this area of influence.
Traditional markets in Europe and North America will only produce moderate growth over time, so allocation of resources, programs and peoples should be subservient to new world dynamics.
GFC should be viewed as an opportunity for a global organisation that can effectively raise and shift funds (over its competitors) to exploit “soft pockets” of market share around the world.
Affirmative action programs for minorities within the North American organisation should be rethought because the organisations diversity is shifting offshore to different ethnic influences.
Supply Chain alignment in developing countries to receive high priority.
Value chain activities in developing countries to receive disproportionate resource allocation supported by senior management and funding channels.
Creation of innovative products that will give not only satisfaction to clients but health benefits as well.
5.3 Leadership & Motivation
Leadership is art of motivating other whilst driving through changes and new initiatives. The Coca-Cola Company is fairly master in this discipline. The Great Place to Work published the list of top 100 best employers, Coca Cola ranked place 23.
CEO, Muhtar Kent, states “In fact, our 2020 Vision is the by-product of input from the diversity of our leadership across our Company and our system. This is the result of our collective strength, and that is the real power of diversity – realizing that the whole is infinitely more powerful than the individual parts” (Coca-Cola Diversity Stewardship Report, 2010).
5.3.1 A Corporate Perspective
One interesting aspect of the organisations motivational programs is its endorsement from the top. The Chairman and CEO, Muhtar Kent, points out how important diversity for the company and its success are. 80% of Coca-Cola’s business is outside the U.S. and that creates a great diversity of people in the organisation.
Some basic facts about diversity at Coca Coke (U.S. only 2010):
Males 51%, Females 49%
In 2010 new hires, 50% women (of which 36% were minority)
34% minorities (full time) in organisation
34% of employees members of an Employee Business Resource Group (“BRG”)
$622m spend with minority and women owned businesses (MWBE’s)
$22.2m spent on philanthropic endeavours for multicultural/underserved organisations
5.3.2 Diversity as Business
Chief Diversity Officer, Steve Bucherati states “Diversity to us is not just about Human Resources policies and practices. It’s an integrated part of who we are, how we operate and how we see our future” (Coca-Cola Diversity Stewardship Report, 2010).
In the Diversity report, senior management are quoted about their viewpoints about the importance of people and culture. Most of them have also different backgrounds such as the CEO, Muhtar Kent, who actually emigrated from Turkey.
The organisation feels that these programs are important initiatives to motivate and inspire employees and suppliers from a corporate citizenship perspective. Some of the programs listed are:
African American Business Resource Group
Asian/Pacific American Business Group
Coca-Cola Business Support Professionals
KOLAGE: Gay and Lesbian Business Resource Group
Latino Business Resource Group
Womnan’s Iinc: Women’s Business Resource Group
5.3.3 Marketplace Programs
For the market, Coca-Cola has established the Diversity Business Development (DBD) teams. These entities develop marketing strategies to specific target groups in the United States such as the Asian Model market in San Francisco or the Hispanic American Consumer market.
Furthermore Coca-Cola is sponsoring cultural events and institutes. Also the company continues to support initiatives for disabled employees and citizens.
Diversity Vice President, Ms Lauventria Robinson says that; “Diversity is a critical growth lever for Coca-Cola North America. Our integrated approach across marketplace, workplace and community uniquely positions us to be successful in a long term sustainable manner” (Coca-Cola Diversity Stewardship Report, 2010).
5.3.4 Current & Future Opportunities/Threats
The table below shows how economical and social changes affect employees.
5.3.5 Recommendations
The following recommendations can be made in order to improve coca-colas competitiveness in the leadership and management field:
The engagement of local employment pools in developing countries.
Design of motivational programs based on local culture and regional needs such as China, India, Australia, and the USA.
Remuneration and reward incentives structured to reflect local pay and customs.
Staff rationalisation in traditional markets of Europe, North America` and Japan.
Adoption of in country mechanisms (teams or community based) to promote corporate image, personal satisfaction and job performance.
5.4 Communication
Coca-Cola is one of the most recognizable brands in the world (the Coca-Cola Company, 2011). While its reputation speaks for itself, creative ways are still required to effectively communicate with the company's audience.
One of the greatest differentiation strategies in a commercial is to prove why the brand is better than the competitor's e.g. Coke vs. Pepsi (Porter 2004, p. 118). Advertising is a significant activity for the major players of this industry, and is significant in establishing brand loyalty. As earlier mentioned, the Coca-Cola invests about 14% of its profit in communication (The Coca-Cola Company, 2011).
5.4.1 Current and future opportunities in communication
Coca Cola has a few opportunities in its business. It has many successful brands to exploit and pursue. In addition, Coca Cola also has the opportunity to advertise its less popular products (The Coca-Cola Company, 2011). With a large profit margin it has the available resources to drive some of these less established beverages on the market (IBIS, 2011). This approach could be very beneficial for the company, if the products reach the same extent as the major products. Another opportunity that we have pointed out previously is the ability for Coca Cola to acquire out their competition. This opportunity rarely presents itself in the world of business. However, with Coca Cola’s power and success, such a task is not impossible. Coca Cola has bought out a number of bottlers and brands in order to cut costs and increase distribution flexibility (IBIS, 2011). “The marketing task is to find ways to enhance customer value by improving the perceived benefits and/or reducing the total costs of ownership” (Coca-Cola Diversity Report, 2010). Initially this acquisitions cost a vast amount of money in long run it results in large profits. Furthermore, the company does not need to worry about this product or service as being part of the competition. Brand recognition is the significant factor affecting Cokes competitive position. Coca Cola is known well throughout 90% of the world population today (Coca-Cola Company, 2011). Today, the company wants to get there brand name known even better through investments in the emerging markets (Coca-Cola Company, 2011). It is an opportunity that most companies will ever dream of. The Coca Cola has the opportunity to continue to expand the gap between them and their competitors.
5.4.2 Current and future threats in communication
Even though Coca Cola dominates in the market place, it still has to deal with many threats. The changing health-consciousness attitude of the market could have a serious effect on Coca-Cola (IBIS, 2011). This needs to be viewed as a dominant threat. In today’s world, people are constantly changing their eating and drinking habits. This could directly affect the sale of Coca-Cola’s products. Another possible issue are the legal conditions. There are always issues with a company of such wealth and popularity. Somebody is always trying to find mistakes. Furthermore, Coca-Cola needs to be careful with lawsuits. Also, the Health department could be seen as a threat. Again, some people may try to exploit the unhealthy side of Coca Cola’s products and could threaten the status and success of sales. Other threats are of course the competition. Coca Cola’s main competition being Pepsi, sells a very similar drink (Datamonitor, 2011). Coca Cola needs to be aware that Pepsi does not grow to be a more successful drink. Other product such as juices, coffee, and tea are threats. As earlier mentioned substitutes could take precedent in some people’s minds over Coca Cola’s beverages and this could threaten its potential success.
5.4.3 Overall feasibility of opportunity and recommendations
Since manufacturing and distribution are mainly outsourced Coca-Cola’s main attention is in marketing and product innovation. The Company invested about 14% of its income in communication. Coca-Cola is operating at the moment in more than 200 countries. In order to win and remain competitive the company has to continuously improve marketing strategies to reach new demographics.
The company states that, 80 % of the markets are outside the U.S. In this geographically diverse environment it is important to analyse those and learn quickly. Coca-Cola’s integrated marketing programs include advertising, point-of-sale merchandising and sales promotion (The Coca-Cola Company, 2011). Furthermore, Coca-Cola uses integrated marketing programs with its bottling partners when creating and implementing brands locally.
However, future opportunities are the developing countries, BRIC’s. For example, Coca-Cola’s Brazilian subsidiary is constrained by limited knowledge of the product (Coca-Cola BRIC’s, 2011). Coca-Cola as a company must accept the costs and challenges of distributing to every conceivable market. In some remote regions the cost may be higher but the product should be available and reasonably prices. Given the size of the emerging markets and up to 45 % growth in the global middle class a promotion strategy that emphasizes Coca Cola’s products as simply better than other seem to be appropriate(Coca-Cola BRIC’s, 2011). Also the sponsorship of local, regional, and national events should continue.
Moreover, Coca-Cola should consider marketing its less known brands rather than core brands.
6.0 Conclusion
This report shows how Coca Cola provides value to its customers. It describes Porter’s value chain tools and its components and how they are used at Coca Cola. The report also identifies opportunities and threats the company faces at the moment in areas of quality management, leadership and motivation, strategic management, as well as communication and evaluates possible strategies. Future opportunities and threats are critically analysed and recommendations for improvement are made.
Coca Cola is the best know world brand. It improves permanently her competitiveness and provides innovative products to the customers. However, there are some areas which can still be improved.
In the quality management area Coca Cola should continue developing and using the TCCQ methods in the future, but also encourage employees to continuous quality improvement in their workplace. The company also needs to regularly audit all the organisational units’ compliance with the quality standards. In addition, Coca Cola has to implement non-profit environmental partnership with organisations which work on improvement of water quality and create sustainability programmes in order to generate management benefits and long-term success.
In the leadership area Coca Cola should hire employees from local employment pools, design motivational programs according to the local culture, remunerate and reward incentives structured to reflect local pay and customs, rationalise stuff in Europe, North America` and Japan as well as adopt teams in a particular country which promote corporate image and job satisfaction.
In the strategic field Coca Cola should expand and invest as well as improve its supply chain in developing countries, especially in Asia as a centre of world economic power. It also needs to create innovative products which will give not only satisfaction to clients but health benefits as well.
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List of Figures
Figure 1 Porter’s value chain (Porter 2004, p. 39)
Figure 2 Coca Cola Quality process model (Coca Cola, 2011)
List of Appendices
Appendix 1 Coca-Cola System
The Coca-Cola System
“The Coca-Cola Company and more than 300 worldwide bottling partners work together as the Coca-Cola system to deliver daily refreshment and drive our global success” (The Coca-Cola Company System, 2011).
Appendix 2 Coca-Cola Cycle
